‘Full Bull Run’
US equity futures were higher ahead of Friday's all-important nonfarm payrolls report, which, as expected, was a blockbuster.
Most markets were closed for Good Friday, but bonds would (briefly) have their say.
After an "interesting" and, at times, fraught, first quarter, stocks kicked off Q2 with a bang a day after Joe Biden unveiled the first of two long-term economic revival plans aimed at updating not just the country's rickety infrastructure, but American capitalism too.
"The US equity ma
@MarkMobility posted this animated GIF on Twitter. In the context of the upcoming infrastructure debate, I think it’s a useful and potent illustration of the postwar, anti-New Deal, anti-tax, plutocratic ideology at the heart of traditional Republicanism. (JFK and Jimmy Carter are in there, too.) https://twitter.com/markmobility/status/1377606317846757379
Thanks for that post. Clearly there is ideology at play and as you indicate America is collectively drinking the punch, even if Conservatives lead the charge. Ideology aside (fallible as it always is), it is pretty clear the great enabler of that tax decline is the rise in bond prices and appetite for usd debt globally. Abandonment of the gold standard didn’t hurt either. An interesting question is where the money goes? It obviously hasn’t been reinvested in America. How ironic then, that the jingoistic America Firsters, with their unblinking acceptance of neoliberalism, have so singlehandedly led to the rise of China and bankrupting of America.
“Clearly there is ideology at play” Clearly there isn’t. Mitch is a lot of things, ideological isn’t one of them. He’d gladly perform abortions himself and officiate at gay weddings if it secured him the senate majority leadership a bit longer. But as it stands, he just finished pushing his exit plan through the KY legislature. He won’t leave before 2023 though because he wants to hold the record for longest majority/minority leader. He practically handed the democrats the senate by refusing to pass the $2k checks. He’d much rather let the democrats run up the deficit (which he knows is BS but can’t get his caucus to figure out) so that the billion things that need to get funded can get rammed through. If he (or any other republican senator) actually objected to any of the spending they would throw the temper tantrum he keeps alluding to if they touch the filibuster. He also quite specifically handed the democrats a 2nd bite at reconciliation by just passing CFR’s instead of an actual budget last year. He, and the Fox News outrage machine are waiting for the Democrats to overstep on some stupid culture issue and are hoping to ride it and what is guaranteed to be by far the worst gerrymandering anyone can possibly imagine to a solid win in mid-terms. E.G. If democrats get more than 3 of Georgia’s 14 congressional districts the GOP did them a favor. They have 6 now.
Hyberole aside, it appears as if the GOP and DEMs have different connotations of what the term “infrastructure” actually means. To some it means bridges, tunnels, and roads, but clearly to others it means a lot more things which seems to redefine the term “pork.”
The GOP’s position is archaic, deliberately obtuse and, on some points, laughably ridiculous. Fortunately, it doesn’t matter. Elections have consequences. And they lost this one. All the way around. If Republicans don’t start living in modernity, the party will disappear.